The Kiwi (NZDUSD) recovered nicely from 0.6083 back in March and through April, but it's in three waves after rejection down from 0.6384 resistance.

Freepik

We see this as a potential corrective rally that represents a higher degree wave (B) that can be now completed with current sharp reversal down from projected 0.6384 resistance. The pair may now experience more weakness into wave (C), just be aware of short-term corrective rallies. In case if stays sideways for a longer period of time, then we might also consider a bearish triangle pattern within wave (B). Keep in mind that any new leg down will be part of a higher degree correction that should send pair back in bullish mode later this year, but ideally from around 0.60 - 0.59 area.

We talked about the Kiwi (NZDUSD) in our latest live webinar - Length 00:54:28
 

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